A new fintech company which I was presented to previously this year. Can You Use Currensea Like A Debit Card…
It has won a couple of awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is taken from your bank account– just without the usual 3% fee.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some intriguing travel benefits if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competitors
include a growing number of functions which your existing consumers do not really desire or need
include limitations, costs or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can You Use Currensea Like A Debit Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use rewards and charge 0% FX fees are rare. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automatic spend notification through the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (typically in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards promises big savings (85%) and a fantastic app.
However I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can spend cash you have in your existing bank account with less fret about lacking cash and the additional step. That does not imply it is perfect.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make earnings from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be found on our rates plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Each time you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Can You Use Currensea Like A Debit Card